Rhodia expected to price €600 million equivalent high-yield offering mid-April

By Paul A. Harris

St. Louis, March 31 - French specialty chemical manufacturer Rhodia is expected to price €600 million equivalent of high-yield notes in mid-April, an informed source told Prospect News.

Credit Suisse First Boston, BNP Paribas and Goldman Sachs & Co. are the underwriters of the Rule 144A/Regulation S deal.

Rhodia also is planning a €450 million equivalent rights issue.

The company's issuer ratings are B3 from Moody's Investors Service and B from Standard & Poor's, according to the source. The respective senior subordinated debt ratings are Caa1 and CCC+.

Proceeds from will be used to refinance bank debt.

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